The death of George H.W. Bush has occasioned a fair amount of nostalgia for the old American establishment, of which Bush was undoubtedly a prominent member. It has also provoked a heated debate among commentators about that establishment, whose membership was determined largely by bloodlines and connections. You had to be a white Anglo-Saxon Protestant to ascend to almost any position of power in the United States until the early 1960s. Surely, there is nothing good to say about a system that was so discriminatory toward everyone else?

Actually, there is. For all its faults — and it was often horribly bigoted, in some places segregationist and almost always exclusionary — at its best, the old WASP aristocracy did have a sense of modesty, humility and public-spiritedness that seems largely absent in today’s elite. Many of Bush’s greatest moments — his handling of the fall of communism, his decision not to occupy Iraq after the first Gulf War, his acceptance of tax increases to close the deficit — were marked by restraint, an ability to do the right thing despite enormous pressure to pander to public opinion.

But, and here is the problem, it is likely these virtues flowed from the nature of that old elite. The aristocracy was secure in its power and position, so it could afford to think about the country’s fate in broad terms, looking out for the longer term, rising above self-interest — because its own interest was assured. It also knew that its position was somewhat accidental and arbitrary, so its members adhered to certain codes of conduct — modesty, restraint, chivalry, social responsibility.

If at this point you think I am painting a fantasy of a world that never existed, let me give you a vivid example. On the Titanic’s maiden voyage, its first-class cabins were filled with the Forbes 400 of the age. As the ship began to sink and it became clear there were not enough lifeboats for everyone, something striking took place. As Wyn Wade recounts, the men let the women and children board the boats. In first class, about 95 percent of the women and children were saved, compared with only about 30 percent of the men. While, of course, first-class passengers had easier access to the boats, the point remains that some of the world’s most powerful men followed an unwritten code of conduct, even though it meant certain death for them.

Today’s elites are chosen in a much more open, democratic manner, largely through education. Those who do well on tests get into good colleges, then good graduate schools, then get the best jobs and so on. But their power flows from this treadmill of achievement, so they are constantly moving, looking out for their own survival and success. Their perspective is narrower, their horizon shorter-term, their actions more self-interested.

Most damagingly, they believe their status is legitimately earned. They lack some of the sense of the old WASP establishment that they were accidentally privileged from birth. So the old constraints have vanished. Today, chief executives and other elites pay themselves lavishly, jockey for personal advantage and focus on their own ascendancy.

The man who invented the term “meritocracy” did not mean it as a compliment. The British thinker Michael Young painted a dystopian picture of a society in which the new, technocratic elite, selected through exams, became increasingly smug, arrogant and ambitious, certain that modern inequality was a fair reflection of talent and hard work. Writing later about Tony Blair’s complimentary use of the term, Young warned that the prime minister was fostering a deeply immoral attitude toward those who were not being rewarded by the system, treating them as if they deserved their lower status.

President Trump uses a common refrain at his rallies to attack today’s elites and their arrogance. He focuses on their schooling and then says to the crowd, “They’re not elite. You’re the elite.” Trump has found a genuine vein of disgust among many Americans at the way they are perceived and treated by their more successful countrymen. The violent protests that have been happening in France are similarly fueled by rural, poorer people who believe that the metropolitan elites ignore their plight. The 2016 Brexit vote reflected the same revolt against technocrats.

Let me be clear. I — of all people — am not calling for a revival of the WASP establishment. I am asking, can we learn something from its virtues? Today’s elites should be more aware of their privilege and at least live by one simple old-fashioned, universal idea — rich or poor, talented or not, educated or uneducated, every human being has equal moral worth.